Singapore Trade August 2019

Singapore: Non-oil exports contract at softer rate in August

Non-oil domestic exports (NODX) dropped 8.9% year-on-year in August, improving from the revised 11.4% contraction in July (previously reported: -11.2% year-on-year) and beating market expectations of yet another double-digit decline. On a month-on-month seasonally-adjusted basis, NODX grew 6.7% in August, up from the 3.5% rise in July.

August’s print reflected drops in shipments of both electronic and non-electronic NODX. Electronic exports fell at an accelerated pace in the month, owing to weakness in demand for microchips, PCs and disk media products amid weak global tech demand. Meanwhile, non-electronic exports contracted at a softer pace in August compared to July and mostly resulted from strong drops in pharmaceuticals, petrochemicals and primary chemicals exports. In terms of markets, demand from Hong Kong, the United States and Malaysia fell at strong rates. More positively, demand from China grew at a robust pace.

Both the manufacturing and electronics Purchasing Managers’ Indexes (PMI) recorded their worst readings in over a decade in April as Singapore’s private-sector business conditions deteriorated on the back of fallout from Covid-19.
Conditions in the crucial electronics sector contracted at the steepest rate since December 2008 (April 2020: 42.8; March 2020: 44.1).

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